I think Valve is going to wait until the next gen consoles (Xbox 720 & PS4) come out and see what it can it do in the future rather than start making a game right now. I don't think there is going to be an Episode 3 just Half-life 3. As long as Valve never says that they are done with Half-life the series than I will continue to anticipate with great expectations when the announcement does come no matter how long it takes.

I think Valve is going to wait until the next gen consoles (Xbox 720 & PS4) come out and see what it can it do in the future rather than start making a game right now. I don't think there is going to be an Episode 3 just Half-life 3. As long as Valve never says that they are done with Half-life the series than I will continue to anticipate with great expectations when the announcement does come no matter how long it takes.

Gaben has said that they aren't doing episodic content anymore, so it's almost guaranteed that Half-Life 2 is next.